Our Sellers.

Before you go shopping

Know your financial limit
Research vehicle models that meet your budget
Before you buy a used vehicle

Ask for a current mechanical inspection report or get your own inspection
Ask for a vehicle history report or get your own vehicle history report
Test drive the vehicle for at least 15 minutes and check all the features
Before you sign

Understand the terms of any deposit you are asked to leave
Get any offers and promises made during the negotiation in writing
Read and understand the purchase agreement before you sign it
Know all the terms of any financing agreement before you sign
Then, get a copy of all the documents you sign and keep them in your records

Remember!

There is no return policy once you sign unless offered by the dealer
Going with someone who knows vehicles and contracts may be helpful
Incomplete agreements are not a binding contract.

Auto Financing Terms can be intimidating

Take a moment and brush up on some of the more commonly used auto financing terms

Acceleration Clause
Allows the lender to speed up the rate at which your loan comes due or even to demand immediate payment of the entire balance of the loan should you default on you loan.

Amortization
Loan payment calculated to pay off the debt at the end of a fixed period, including interest on the outstanding balance.

Annual Percentage Rate (APR)
The cost of credit as a yearly rate. The percentage results from an equation considering the total amount financed, the finance charges, and the term of the loan. Usually not the same as the interest rate.

Appraisal
An estimate of the value of the property, made by a professional appraiser.

APR
Annual Percentage Rate. A way of expressing the cost of credit on a loan. Under federal law, all consumer loans must disclose the Annual Percentage Rate.

Asset
Property that can be used to repay debt, such as stocks and bonds or a car.

Blue Book
A publication of Kelley Blue Book, Inc. and one of several standard references used to determine the value of used vehicles. The value is sometimes called the “Blue Book Value.” Blue books typically show a wholesale value and a retail value for each vehicle.

Broker
An individual in the business of assisting in arranging to fund or negotiating contracts for a client but who does not loan the money himself.

Collateral
The property offered to support a loan that can be seized if you default.

Depreciation
The decline in value of a vehicle due to wear and tear or any other reason.

Lien
A claim upon a piece of property for the payment or satisfaction of a debt or obligation.

Monroney Sticker
The price sticker required by federal law for all new vehicles. The Monroney Sticker lists all the vehicle’s options along with the manufacturer’s suggested retail price (MSRP).

MSRP
Stands for Manufacturer’s Suggested Retail Price. It represents the manufacturer’s recommended selling price for a vehicle and each of its options.

Net Effective Income
The borrower’s gross income minus federal income tax.

Open-End Lease
A lease which may involve a balloon payment based on the value of the property when it is returned.

Principal
The amount of debt, not counting interest, left on a loan.

Rebate
A special payment from the manufacturer to the customer to promote sales of slow-selling models. Also called a “Customer Incentive”.

Snake Oil
Products or services sold by dealerships that can be added on to the vehicle. Some examples include rust-proofing, upholstery treatments, alarm systems, and extended warranties. Remember that these add-ons will increase the price of the vehicle and your monthly payment. Also, these items are normally marked up outrageously. Also referred to as snake oil by dealers, because it bites you.

Sticker Price
The manufacturer’s suggested retail price for a vehicle. Also called “List Price” or “MSRP.”

Term
The period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due.

Title
A document that gives evidence of an individual’s ownership of property.

Trade-in Value
The value of a used vehicle that you trade into a dealership as part of a purchase or convenience deal.

Truth-in-Lending
A federal law requiring disclosure of the Annual Percentage Rate to home buyers shortly after they apply for the loan.

Wraparound
Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top.

Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top.
AUTO FINANCE WORLD – The Most Trusted Car Buying, Selling and Financing Service.

AFW is proud to offer a vast selection of used Cars, Trucks, Vans and SUVs. With 6 of years of experience in the auto financing and sales industry, We offer a wide array of financing options to meet your needs.

If you have any questions, please call or email us, and we will be happy to answer them.

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www.CanadianBlackBook.com

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www.cars.com

www.usedcars.com

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www.strathcom.com

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www.americasautomarket.com

www.carsdirect.com

http://www.americasautosite.com/

www.AutoandTruck.ca

www.Lemonfree.ca

and many more depending on your state or province!